Cash Money Installment Loan review
Cash Money Installment Loans provide up to $10,000, with lending decisions and payout completed within the same business day.To be eligible for a Cash Money installment loan, you must be a Canadian citizen, of the age of majority in your province, with a credit score of at least 560, a stable source of income and an open chequing account in your name.
Max. Loan Amount
Min. Credit Score
A Cash Money Installment Loan is an option to keep in your back pocket if you’re in a financial emergency and need access to money quickly. Here’s a rundown of key points for this product:
- Think of a Cash Money Installment Loan if you need a lump sum of money deposited into your bank account quickly. Installment loans provide much more than payday loans do, and they’re approved faster than traditional loans from banks or credit unions.
- Pick something else if you aren’t in a time crunch and you can find lower interest rates via unsecured or secured personal loans. These Cash Money Installment Loan come with a steep interest rate of 46.93%.
- You can apply for a Cash Money Installment Loan online, in person at a local Cash Money store or over the phone. You could get a lending decision within the same day, and pick up cash at a store immediately or receive a direct deposit of funds within an hour of approval.
What is a Cash Money Installment Loan?
A Cash Money Installment Loan provides a lump sum of funds that you pay back in chunks at a time, usually twice a month or monthly depending on your preferences. Installment loans range from a minimum of $500 to a maximum of $10,000 and can be borrowed over 6 - 60 months. Regardless of your credit score and income, they come with an interest rate of 46.93% that’s accrued daily.
When you’re approved for a loan, your repayment schedule is determined in installments over your loan term, and the entire amount you’re borrowing is transferred over to you.
You must meet your minimum repayment requirements, but you can make extra repayments to pay off the loan faster without facing any fees or penalties.
You have the option to pay for a Cash Money loan protection plan, which is an insurance policy taken out on your loan. In a nutshell, it covers your loan in the event that you can’t keep up with your repayments due to unexpected events, such as loss of life, critical illness, injury or unemployment.
What makes a Cash Money Installment Loan unique?
Whether you need to pay for an emergency car repair, overdue bills or unforeseen medical expenses, sometimes life throws you a curveball and you need a loan to tide you over. Cash Money Installment Loans are a unique choice among your loan options because they provide you with the large sum of money you may need, issued to you quickly following a simple application process.
While payday loans also provide a quick Band-Aid solution, they max out at $1,500 and must be repaid within about two months. On the other hand, you can apply for as low as $500 up to $10,000 for a Cash Money Installment Loan and take your time with terms of between 6 months and 5 years. You can even make additional payments to your loan at any time to get out of debt faster without incurring any early payoff penalties or fees.
What are the benefits of a Cash Money Installment Loan?
Are you on the fence about opening up a Cash Money Installment Loan? Here are some pros to take stock of:
- Flexible loan size. Cash Money offers installment loans that are as low as $500 up to $10,000. The amount you’re approved for will depend on your ability to make repayments. Only sign up for what you need to avoid accumulating unnecessary debt.
- Convenient application process. You can conveniently apply for a Cash Money Installment Loan online, at a local store or over the phone. The application process is completed within 10 minutes.
- Fast approvals process and access to funding. You can learn your application status within the same business day, and if you’re approved, Cash Money can pay out your entire loan amount on the spot in a store or within the hour via INTERAC e-Transfer.
- Lengthy loan terms. You can opt to pay back your installment loan over the course of 6 months to 5 years.
- Repayment installment options. You will be able to make repayments either bi-weekly or monthly. This allows you to set a repayment schedule that suits your cash flow. You can even make additional payments at any time and pay off your loan early without incurring any early payoff penalties or fees.
- Option to include loan protection insurance. You can opt into buying the additional insurance feature Cash Money has to protect you in case you can’t keep up with repayments.
What to watch out for
On the other hand, a Cash Money Installment Loan comes with its share of cons to watch out for. They include:
- Interest rate of 46.93%. This interest rate is applied to all Cash Money loans, including installment loans, regardless of the amount you borrow, the length of the loan or your financial capabilities. Remember, you’re accruing daily interest on the amount you’re borrowing.
- Potential for additional charges. You may come across additional charges from Cash Money for taking out an installment loan, from establishment fees, missed payment fees and default penalties.
- Loan amount is only up to $10,000. If you’re looking for a higher maximum amount, you’re out of luck with these Cash Money installment loans.
- Not available across the country. Serviced provinces for a Cash Money Installment Loan are Alberta (online and in-store), Manitoba (in-store) and New Brunswick (in-store).
- Your credit score may be affected. Cash Money will run a hard check on your credit to determine if you’re eligible for a loan. Unlike a soft check, a hard check will temporarily dip your credit score. This shouldn’t cause a lasting impact on your score unless you apply for too many credit products at once.
- Loan protection insurance may be unnecessary. Loan protection insurance can be an unnecessary addition that will make your loan even more expensive.
Am I eligible?
To be eligible for a Cash Money Installment Loan, you need to:
- Be a Canadian citizen
- Have a credit score of 560
- Meet the minimum age requirement, which varies from province to province
- Be able to demonstrate an ability to make repayments, with a steady income source
- Have an open chequing account in your name
- Have a working telephone number
After you apply for a loan, you will need to verify your identity and application details. You may be asked to provide:
- Identification. You will need to provide either a Canadian driver’s licence, passport or birth certificate.
- Verification of income. You’ll need to demonstrate your ability to make repayments by providing proof of employment and bank statements illustrating reliable income.
How do I apply?
If you’re ready to apply for a Cash Money Installment Loan, follow these steps:
- Click the “Apply now” button to go to the Cash Money homepage and click “Continue”.
- Select your province, then the installment loan option and click “Next”.
- Fill in the prompts to create an account, including your email address, password and security question and answer.
- Once you’ve created your account, fill in the personal loan application. It shouldn’t take more than 10 minutes to complete. Provide your full name, contact information including your address and phone number, employment status, monthly income and credit score.
- Once you submit your application, you need to verify your income before receiving a lending decision. Provide information that documents your income either by using the online application portal, by directly emailing Customer Support or by faxing your documents. If you’re applying in person you can provide this paperwork at a local Cash Money branch.
- Cash Money will review your information and provide you with a lending decision within a business day, if not faster.
- If you’re approved, you can either pick up your cash at a store immediately in person or request an INTERAC e-Transfer, which will be sent within the hour. You will receive the full amount of your installment loan.
- Make regular payments on your loan over time. You can even make additional payments towards your loan to save on interest paid.
I got the Cash Money Installment Loan. Now what?
Once you’re set up with a Cash Money Installment Loan, you will receive your funding within the same business day of your approval. The funding will come as a lump sum either in a bank transfer directly into your account or in cash if you decide to pick up your loan in person.
When you’re approved for your loan, your repayment schedule is determined. Mark the due dates for your loan repayments on your calendar and make sure you have sufficient funds in your bank account to cover each one.
Cash Money provides the option of signing up for automatic payments, so you don’t have to worry about late payments or missed payments altogether. If you opt out of this feature, you can make payments in store, online or over the phone. Manual payments must be made by the close of business on your due date.
You can make additional payments at any time and you can even pay off your entire loan early without any penalties or fees. It’s worth making this a priority because your installment loan is accruing interest every day.
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If you’re in a sticky situation and you need emergency cash, a Cash Money Installment Loan is a potential solution. It offers access to larger loan amounts than payday loans and has lengthier repayment periods. Another perk is that the application and approval process is faster than traditional loans from banks and credit unions.
Be careful, though – Cash Money Installment Loans come with an interest rate of 46.93%. If you’re borrowing a large amount of money over a long period of time, you could be paying excessive amounts of interest.
Do your homework on your loan options. If you have a strong credit score, you can also consider personal loans on offer from banks, credit unions and online lenders. You can also look into secured loans if you’re willing to put up an asset as collateral. Both of these options may provide you with lower interest rates and better terms.